- JEDDAH: The National Commercial Bank (NCB) announced that net income for the nine months of 2011 reached SR4.473 billion compared to SR3.468 billion for the same period of the previous year, an increase of 29 percent and SR1.546 billion for the third quarter of 2011 compared to SR828 million for the same quarter of previous year, an increase of 86.6 percent.
Abdullah Bahamdan, chairman of the NCB, said the bank’s strategy to diversify its sources of revenue has contributed to an increase in fee income from banking services by 5.2 percent. Net special commission income increased by 4.1 percent compared to the same period of the previous year.
Bahamdan said the bank’s total assets grew significantly to reach SR307 billion compared to SR271 billion at the end of the same period of the previous year, an increase of 13.2 percent.
Total shareholders’ equity reached SR34.7 billion compared to SR32.5 billion at the end of the same period of the previous year, an increase of 6.6 percent.
The loans and advances portfolio increased to SR130 billion compared to SR123 billion at the end of the same period of the previous year, an increase of 5.9 percent.
Customer deposits grew to SR243 billion compared to SR215 billion at the end of the same period of the previous year, an increase of 13 percent.
Bahamdan expressed his deep gratitude to the bank’s clients and shareholders for their trust in the bank and its board of directors and staff for their continued support of NCB to achieve these results.